What: Takashimaya chases new identity as developer, starting in Vietnam.

Why it is important: Expanding the property development business is a top priority for the company.

With its mainstay department store business foundering amid the coronavirus pandemic, Japan's Takashimaya has turned to property development overseas as the company's next engine for growth. Its department stores in Japan accounted for less than 20% of total operating profit in fiscal 2019, despite making 80% of total revenue, a sharp contrast to the property development business, which generated about 40% of operating profit on less than 10% of revenue.

Takashimaya chases new identity as developer, starting in Vietnam